The Formula For Building Wealth Starts With This…..

The Formula For Building Wealth Starts With This…..

My mentor abruptly interrupted me from one of my usual complaint sessions; this one was about my job not paying me enough money.

Sensing his patience was being tested; I threw a little passion behind my argument like a defense attorney going in for the big close. But he just looked at me unfazed.

He strongly advised me to take a hard look at my bank account, poor health, terrible job situation and other areas where I was unhappy and realize that there was only one individual responsible for my situation.

He was right.

Since that day I have had the privilege to work with several wealthy individuals and I noticed how they share some of the same intense focuses to succeed – and excuses is not one of them.  

Here’s a look at five focuses that could create financial success:

  1. FOCUS ON SELF-IMPROVEMENT.  Wealthy people don’t waste time watching hours of television every night. They’re more likely to read books, listen to or watch educational audio and DVD programs. They spend their free time learning how to create opportunities or find ways to become more valuable to their community and clients. What I learned: if you want to be wealthy, you must be willing to become a better version of yourself.
  1. FOCUS ON GETTING PAID FOR RESULTS, NOT FOR YOUR TIME. The wealthy know that if you trade time for money, you will always have limited earning power. A job is a great starting place and you should be thankful to have one but to become wealthy you need to explore business opportunities that will create recurring income that does not require your presence. What I learned: if you have faith in your ability, you can put your income into the unlimited realm.
  1. FOCUS ON TAKING CALCULATED RISK.  The average person does everything they can to avoid risk. In a sense you can’t blame anyone for this because no one enjoys putting their necks on the line for the fun of it (unless you’re the adventurous type). However, taking smart calculated risk is the key to creating wealth. Managing risk is a regular part of the wealthy person’s life. What I learned: there’s a huge difference between playing to win and playing not to lose.
  1. FOCUS ON THE END GOAL.  For the wealthy, trying out something they really believe in once or twice then giving up is rarely an option. The wealthy person perseveres through the tough times and keeps going. Sure, they’ll likely adjust their approach but if they believe in their product, service, or dream, they will not stop until they achieve success. What I learned: if you give up easily, you vastly lower your chances of success.
  1. FOCUS ON ASSETS, NOT LIABILITIES.  For the wealthy a “toy” is fun to have but their priorities are on assets first before creating debts. They spend their money on real assets. Items like stocks, bonds, real estate, businesses, education, intellectual property and similar income producers. These opportunities will always take precedent over buying ‘stuff’. What I learned: to someone that has wealth, an asset is a thousand times more valuable than a house or car.

The good news is that anyone can become wealthy. Years ago my mentor convinced me of that. It just requires the right focus, add great value and a lot of work than step back and watch your income begin to grow exponentially.

 

Shawn Dorrough – The WealthShift Strategist

 

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